Hugo Boss AG fell to a 2 1/2-week low in Frankfurt trading after Hamburger Sparkasse cut its recommendation on Germany’s biggest luxury clothier to “ hold ” from “buy,” citing the cost of the retail chain’s expansion.
ThyssenKrupp AG, the German steelmaker seeking to divest its Americas unit, fell the most on the DAX index after two people briefed on its plans said it may hold on to its plant in Brazil and sell only the U.S. operation.
UniCredit SpA, Italy’s biggest bank, posted a record 15 billion-euro ($20.8 billion) fourth- quarter loss as it set aside money for bad loans and wrote down goodwill from acquisitions. It plans to cut 8,500 jobs.
Plans by Hamburger Sparkasse to buy a 25.1 percent stake in Kreissparkasse Herzogtum Lauenburg will be blocked this week by Germany’s cartel authorities, Financial Times Deutschland said, citing a person familiar with the matter.